One of the biggest icons of the cannabis industry, famous California based rapper Snoop Dogg has recently invested in Canadian marijuana company Trellis, helping them raise money in their seed round which pulled in over $2,000,000 US in VC funding.
Trellis is a Toronto based company which is heavily involved in developing a cannabis inventory management software.
Trellis develops software to help dispensaries and other plant-touching businesses comply with state and federal requirements, which also includes their seed-to-sale tracking software.
Snoop Dogg’s previous investments
Snoop Dogg and his VC firm Casa Verde Capital mainly invest in companies that have no direct contact with cannabis products.
Casa Verde Capital’s investment comes about a year after Tweed Inc. and parent company Canopy Growth signed a deal with Snoop Dogg, only going further to prove the rappers interest in the Canadian marijuana market.
Snoop Dogg also invested in several smaller businesses which deal mostly in marijuana paraphernalia, such as rolling papers, bongs, and similar gear.
Trellis to move forward with money
Karan Wadhera, a partner at Casa Verde, said that growers have been especially “thrilled” with Trellis’ tracking software.
“As cannabis legalization sweeps the US, the compliance burden for cannabis-related businesses will become more and more rigorous,” said Wadhera, a partner at Casa Verde. “We have been searching for companies with an elegant solution to address the growing pains of the industry.”
Pranav Sood, the CEO of Trellis said that this investment could not have been made at a better moment. “We are at a pivotal point in the industry where the market is expanding with new regulations and operators are experiencing growing pains. This makes it all the more important to have strong tools and procedures in place,” Pranav Sood, the CEO of Trellis said.
“We are thrilled to have been able to attract such a strong team of beta clients, investors, and advisors to support us in our vision.”
Trellis works with marijuana companies in both California and Canada and plans to move into more states that have recently legalized cannabis on both recreational and medicinal levels.
Source: Business Insider